Centre likely to introduce new rule for possession of banned notes
The ordinance has to be issued before Dec 30, which is the deadline of submitting the old banned notes in banks.
Under this new rule, the maximum number of banned notes, of any denomination, that a person will be allowed to have is 10.
If a person is found to break the rule, he or she will be punished a fine of a minimum of Rs. 50,000 or five times the amount in question -- whichever is higher, preliminary media reports suggested.
The Centre on Nov 8 banned old Rs. 500 and Rs. 1000 currency notes.
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